Core Viewpoint - The article discusses the evolution and strategic positioning of Hezhima Intelligent in the AI chip industry, particularly focusing on its A1000 and A2000 series chips for autonomous driving applications, emphasizing the importance of collaboration with automotive manufacturers and the need for a comprehensive solution to drive adoption [2][3][4]. Group 1: Product Development and Market Positioning - Hezhima Intelligent was established in 2016, and its A1000 chip, launched in 2020, was the first domestic 16nm AI chip with over 50 TOPS of computing power, marking a significant milestone in the industry [2][3]. - The A1000 began mass production in 2022, with Hezhima adopting a "joint development" approach with automotive companies to ensure successful integration and application of its technology [2][3]. - The A2000 series, set to launch by the end of 2025, will feature a self-developed NPU architecture and will cater to various applications, including Robotaxi and general reasoning computing [3][4]. Group 2: Strategic Collaborations - Early collaborations with companies like Geely and FAW were crucial for Hezhima's development, allowing for rapid iteration and deployment of autonomous driving solutions [3][10]. - The partnership with Wuhan University aims to enhance the capabilities of humanoid robots using Hezhima's chips, showcasing the company's commitment to expanding its technological applications [4]. Group 3: Industry Challenges and Trends - The autonomous driving sector has faced challenges, including the need for significant investment and the slow adoption of new technologies by automotive manufacturers [9][10]. - The article highlights the importance of balancing chip performance and cost, as the industry moves towards more cost-effective solutions while maintaining high computational capabilities [6][15]. - The demand for higher computing power in autonomous driving is expected to evolve, with projections indicating that the necessary computing power for city NOA could converge to below 300 TOPS in the next three years [36]. Group 4: Future Directions and Innovations - Hezhima Intelligent is focusing on the integration of driving and cabin technologies, with its products designed to meet the needs of entry-level vehicles while maintaining cost efficiency [39][43]. - The company is also exploring the potential of embodied intelligence and robotics, indicating a strategic move towards diversifying its product offerings beyond automotive applications [48][54].

证券代码：300926 证券简称：博俊科技 江苏博俊工业科技股份有限公司 投资者关系活动记录表 编号：2025-007 3 | | 5、问：公司三季度取得了很不错的业绩，但近几个报告期经 | | --- | --- | | | 营性现金流均为负，请问原因及后续趋势？ | | | 答：主要系公司近年新工厂、新项目投资较大且密集，设备 | | | 及人员投入大幅增长，对应材料、人员等经营性现金流大 | | | 幅增长，导致经营性现金流有所降低。新工厂、新项目建 | | | 成并稳定运营后有望明显改善提升经营性现金流，具体时 | | | 间需要结合新项目的建成及投产情况而定。Q3 在营业收 | | | 入增加的情况下经营性现金流较 Q2 已改善了七千多万， | | | 后续有望继续改善。 | | | 6、问：除了新能源车，有没有拓展其他行业或品类？ | | | 答：公司依据自身业务发展同时结合客户需求，评估是否扩 | | | 展相应的产品类别；像机器人等领域，公司也很看好，正 | | | 在积极对接相关客户。 | | | 7、问：公司参与投资股权基金的规划和考量？ | | | 答：公司在聚焦主业的同时，也在横向拓展 ...

影响面积广：预计90%的新能源汽车消费者将显著受到购置税补贴减半政策影响。2026~2027年， 30万以上/以下销售价格的车型(上险量分别占新能源总体的约10%/90%)，需要新增缴纳的购置税金额占 销售价格的比例分别为5%以下和5%。因此，预计90%的低价格带车型消费者对补贴退坡的感知都将比 较明显，补贴退坡将较为确定地影响明年的总量需求。 智通财经APP获悉，华源证券发布研报称，2024年至2025年底期间，新能源汽车继续免征车辆购置 税，但每辆新能源乘用车免税额不超过3万元。而在即将到来的2026年至2027年期间的新能源汽车将减 半征收车辆购置税，且每辆新能源乘用车减税额不超过1.5万元。尽管当前新能源车渗透率已超50%， 但考虑到优质供给推出+新能源渠道逐步下沉+厂家/经销商或可能承担部分退坡的补贴，预计购置税补 贴退坡下2026年新能源渗透率还能维持个位数百分点的小幅增长，潜在可超预期的点或看智驾迭代进 展。 华源证券主要观点如下： 2026年新能源汽车购置税补贴即将减半、补贴技术要求亦将进一步提升 国家自2014年8月1日起开始多次公告提出或延续对新能源汽车免征车辆购置税政策。其中，在2014 ...

瑞银发布研报称，早前与福耀玻璃（600660）(03606)管理层接触并更新模型及预测。该行预测福耀玻 璃明年内地及海外汽车玻璃收入同比升17%及19%，基于与吉利汽车(00175)及奇瑞汽车(09973)等传统车 企深化伙伴合作下，公司在内地市场进一步上升;在福清与合肥的新产能上线;海外订单交付与美国新产 能提速;内地高增值汽车玻璃渗透至经济车款;以及在美欧引入高内容价值汽车玻璃。该行上调对公司今 年至2027年盈利预测1%至4%，目标价由95港元上调至96港元，评级"买入"。 ...

智通财经APP获悉，瑞银发布研报称，早前与福耀玻璃(03606)管理层接触并更新模型及预测。该行预测 福耀玻璃明年内地及海外汽车玻璃收入同比升17%及19%，基于与吉利汽车(00175)及奇瑞汽车(09973)等 传统车企深化伙伴合作下，公司在内地市场进一步上升;在福清与合肥的新产能上线;海外订单交付与美 国新产能提速;内地高增值汽车玻璃渗透至经济车款;以及在美欧引入高内容价值汽车玻璃。该行上调对 公司今年至2027年盈利预测1%至4%，目标价由95港元上调至96港元，评级"买入"。 ...

新华财经上海11月4日电（李一帆）11月伊始，各汽车企业10月销量陆续出炉，伴随"金九银十"销售旺季，大部分主流车企销量均实现同比上涨。 新华财经统计了25家主流车企的10月销量，其中19家实现10月单月同比上涨，占比达到76%；22家实现1-10月累计销量同比上涨，仅3家下跌，"金九银 十"可谓成色十足。 乘联会初步推算10月狭义乘用车零售总市场规模约为220.0万辆，其中新能源零售预计可达132万，渗透率有望升到60.0%。 上汽实现"十连涨"，零跑领跑新势力，理想跌幅近四成 10月新车销量陆续出炉。据新华财经不完全统计，近九成主流车企实现1-10月销量上涨，"金九银十"成色十足。其中，吉利、零跑、小鹏销量涨势迅猛，小 鹏汽车销量接近去年同期三倍；理想汽车则连续5个月下跌，颓势明显。展望2025年终销量目标，小鹏、零跑、小米完成率已大幅领跑，或将在下月提前达 成目标；赛力斯、蔚来、理想等则大概率无法完成目标。 传统品牌旗下"新势力"也表现亮眼，极氪、领克、深蓝、岚图、阿维塔、智己、极狐等品牌均保持快速增长。 一系列亮眼成绩之下，理想和广汽埃安的销量则显得颇为落寞。 具体到各家车企，近五成主流车企都实现了单 ...

Domestic News - Guangdong government offers one-time subsidies for personal consumers purchasing new energy passenger vehicles during the "Yue Enjoy Warm Winter" consumption season from November 2025 to March 2026 [6] - Geely and Renault Group sign a strategic cooperation agreement in Brazil, with Geely acquiring 26.4% of Renault Brazil, enhancing market access for electric vehicles in Latin America [7] - GAC Toyota launches new policies to address battery degradation, promising quick battery testing and replacement services, and sets high standards for battery performance [8] - Lynk & Co introduces a cross-year purchase tax subsidy plan, offering up to 15,000 yuan for customers affected by delivery delays [9][10] - Audi E5 Sportback announces a similar cross-year purchase tax subsidy plan, providing up to 15,000 yuan for delayed deliveries [11] - Autohome launches a new e-commerce platform, integrating various automotive services and addressing transparency issues in the car buying process [12] - BMW's geothermal energy project in China becomes operational, expected to reduce carbon emissions by 18,000 tons annually [13] - Amap announces the international version of AutoSDK, supporting navigation services for Chinese car brands in over 170 countries [14][15] International News - Japan aims to deploy 10,000 L4 autonomous vehicles by the fiscal year 2030, marking a significant push for advanced automotive technology [16] - Hyundai plans to establish a clean mobility hub in Malaysia, focusing on renewable energy projects [17] - Mazda showcases a new technology that can recycle up to 20% of vehicle emissions, aiming for net negative carbon emissions [18] - Honda announces plans to produce a new electric SUV in India by 2027, targeting cost competitiveness in the global market [20] Commercial Vehicles - Jiangsu Province's innovation center for new energy commercial vehicle power and control systems receives approval, focusing on key technological advancements [21] - A new 4MW ultra-fast charging solution is launched, enabling heavy trucks to charge in just 10 minutes, achieving "oil-electric same speed" [22] - Chery Commercial Vehicle's Zero Meter light truck achieves the highest market share in Shanghai [23] - Kaiwo Group and Hyundai unveil the first 8.5-meter hydrogen fuel cell bus, marking a significant step in zero-carbon transportation [24]

10月车市是传统"金九银十"的销售旺季，国庆假期的集客效应与年末新能源车车购税免税政策调整预期 相叠加，共同推动新能源车免税末班车效应，带动消费需求的持续释放。随着部分地区以旧换新补贴的不断收 紧，消费者购车的紧迫性也有体现。由于市场零售的较强走势，加之出口的持续增长，因此乘用车厂商新能源 车批发销量也是持续向上突破。 本文全文共 813 字，阅读全文约需 2 分钟 10月新能源乘用车市场预判 虽然今年中秋假期延后到10月，但9月有23个工作日，由此促进厂商新能源车销量增速较强。10月在仅有 18个工作日的不利情况下，厂商新能源乘用车批发销量仍实现环比小幅增长。 点 击 蓝 字 关 注 我 们 随着近期主力车企的电动化突破和部分爆款新品的推出，带动10月车市结构性高增长。10月吉利汽车、 长安汽车、奇瑞汽车、零跑汽车、赛力斯汽车、东风汽车、长城汽车、小鹏汽车、蔚来汽车、极狐汽车、一汽 奔腾、智己汽车、广汽丰田、长安马自达等厂商的新能源批发销量创出历年各月历史新高，而上汽通用五菱、 上汽乘用车、北京现代等车企也创出历年各月历史月度次新高的优异表现。由于出口新能源不断走强，加之很 多二线车企的表现极其优秀，推高了 ...

Group 1 - The core viewpoint of the reports indicates that Geely Automobile's (00175) new energy brand is gaining momentum, with accelerating profitability expected from 2025 to 2027, projecting revenues of 404.78 billion, 489.69 billion, and 572.83 billion yuan, and net profits of 16.21 billion, 22.09 billion, and 25.97 billion yuan respectively, with an EPS of 1.61, 2.19, and 2.58 yuan, maintaining a "recommended" rating [1] - In October, the company achieved total wholesale sales of 307,000 units, representing a year-on-year increase of 35.5% and a month-on-month increase of 12.5%, with export sales of 42,000 units, showing a month-on-month increase of 2.2% [1] - The launch of the new hybrid sedan, Xingyao 6, under the Galaxy brand on October 30, features a price range of 68,800 to 99,800 yuan and is equipped with advanced technologies such as the new generation Raytheon AI hybrid system and intelligent cockpit [1] Group 2 - The company announced a share repurchase plan with a maximum amount of 2.3 billion HKD, which will be executed in the open market through an automated mechanism, reflecting confidence in long-term development and aiming to optimize capital structure and enhance EPS [2] - Geely and Zeekr submitted a CB form to the U.S. Securities and Exchange Commission, with the "big merger" expected to be completed by the end of this year, promoting the "One Geely" strategy to enhance operational efficiency and reduce costs [2]

10月6日，公司公告宣布拟实施一项最高金额达23亿港元的股份回购计划，该计划在获得香港联交所批 准后，将通过自动化机制在公开市场分批回购，回购资金来自吉利汽车现有的资本及现金储备，展现了 吉利汽车对长期发展前景的坚定信心，回购将优化资本结构、提升每股收益并有助合理反映公司估值。 近期，极氪科技与吉利汽车向美国证券交易委员会提交CB表格，吉利和极氪的"大合并"交割工作有望 在今年年底前完成，看好推进"一个吉利"战略，促进经营效益提升、降本增效。 公司10月批发总销量30.7万辆，同比+35.5%，环比+12.5%;出口方面，公司10月出口销量4.2万辆，环比 +2.2%，表现亮眼。10月30日，吉利银河旗下全新电混家轿星耀6上市，上市限时指导价为6.88万元-9.98 万元，星耀6搭载新一代雷神AI电混2.0系统，前排电动座椅提供加热和通风功能，搭载银河Flyme Auto 智能座舱与千里浩瀚H3辅助驾驶系统。该行看好公司销量逐步兑现，同时规模化提振主品牌盈利。 智通财经APP获悉，民生证券发布研报称，吉利汽车(00175)新能源品牌势能向上，盈利加速，预计 2025-2027公司营收4,047.8/4,896 ...